Saudi Arabia is to open its stock market to direct investments by foreigners next year. This event is very likely to benefit the FMG MENA Fund since it has a large exposure to the country. “The market will be open to eligible foreign financial institutions to invest in listed shares during the first half of 2015, with God’s permission,” the Capital Market Authority said in a statement.
The MENA region, defined as Middle East and North Africa, accounts for more than 60% and 40% of the world’s proven oil and gas reserves respectively. With increasing demand for energy globally, much of the world’s future energy needs will come from this region. The proven oil reserves within the MENA region are the world’s largest.